HUD Injects $30B to Help Provide Affordable Housing

The U.S. Department of Housing and Urban Development (HUD) has announced the availability of $30.3 billion for the Housing Choice Voucher (HCV) Program for 2023.

This historic, $2.9 billion (10.5%) increase over the prior year will help Public Housing Authorities (PHAs) address recent inflation in rents and enable more low-income families to use housing vouchers to afford a safe, decent place to call home.

In an initial notice published last week, HUD awarded $27 billion of the $30.3 billion to PHAs to renew assistance for the 2.3 million low-income households currently using housing vouchers. Seniors and people with disabilities make up more than half of these households, and most of the rest are working families with children.

These households also include some 79,000 veterans who formerly were homeless. The notice also makes $337 million available to continue assistance for tenants in public or other assisted housing that is being demolished or otherwise removed from service, and $2.8 billion for PHA administrative expenses (a 15% increase).

Later in the year, HUD will award $50 million for new vouchers for homeless veterans under the Veterans Affairs Supportive Housing (VASH) program, $30 million to expand assistance for foster youth and families under the Family Unification Program (FUP), as well as $50 million for flexible new housing vouchers to meet other local housing needs.

“We know there is a housing affordability crisis, and this funding will help people who are struggling to find a place they can afford to live, including people experiencing homelessness,” said HUD Secretary Marcia L. Fudge. “With the awarding of these funds for housing choice vouchers — which represents HUD’s single largest investment in affordable housing — public housing agencies throughout the country have flexible resources to offer more housing options so that no one is ever denied housing because they are unable to pay the monthly rent.”

Secretary Fudge made the announcement in Toledo, OH while highlighting how communities like theirs and throughout the country can use these resources to attract more landlords to the HCV program and get people in affordable housing.

HUD continues to work with communities to help them promote the housing choice voucher program by offering tools for landlord engagement and working with PHAs to meet their local housing needs with the HCV utilization resources.

The 2023 Fair Market Rents (FMRs) will make it easier for families with housing vouchers to use them to access affordable housing. The new FMR levels will enable the voucher program to keep up with rent increases in the private market.

Additionally, the President’s 2024 Budget proposal includes $32.7 billion for the Housing Choice Voucher Program, $13 billion for vouchers for low-income veterans, and $9 billion to support youth leaving foster care.

To read the full release, click here.